Now, therefore, the first efforts in the regularizing of currency should be devoted to copper, because as Chang Chih-tung stated 90 per cent, of the business in China is done in copper in the interior. The difficulty would be in regard to the manner in which the Government could regulate all prices; it is very easy to legislate that so and so many copper coins should go for a tael; but such regulation is of no value if prices are high and copper coins are circulating at a discount. Now that it is generally known that copper coins throughout the country are circulating only at a discount, what the Government, through the district and native banks, could do is to buy up as much of the copper coins as possible - without dislocating business. Even such buying should be carefully regulated, because if in one province the buying is done energetically and no buying takes place in others the result would be not very advantageous to the people, or to currency reform; as the object is to bring a uniformity out of the jumble of the multiplicity of coins and values, the measures taken in the different parts of the country should be simultaneous and carefully regulated. In the beginning, of course, the Government would have to pay in bullion, or in new unit coin, according to the choice of the seller. At the same time, the Government, through the banks, might introduce the new two-cent, one-cent and five-cash pieces in paying out the salaries to the officials, as also in such other transactions in which they could use compulsion without dislocation. As such introduction of coins goes along with the withdrawal of the old copper coins, the object of raising the value of the copper cash in terms of silver would be easily achieved. I have mentioned already that the two-cent and one-cent pieces be minted in the same shape and size as at present; only the tael being the standard, their value would be a third more than the normal value of the present coins - without any discount, of course; the half-cent piece would have half the size of the one-cent piece and with half the value. The object of the withdrawal of the old copper coins, including the cent piece minted in the modern mints since 1890, would be to raise the value of copper currency until the rise approximates the proposed value of the new copper coins; the Government would be wise to restrict the issue of the new copper pieces as much as possible, at the outset.